EU countries, lawmakers agree on rules to curb subsidised foreign companies

BRUSSELS – EU countries and EU lawmakers on Thursday agreed on rules to curb acquisitions or bids for public contracts by subsidised foreign companies in a bid to ensure a level playing field, the European Parliament said.

The European Commission presented its proposals for the new takeover rules last year in a bid to stave off what it deems unfair competition from countries such as China, underlining a more protectionist approach by the 27-member bloc.

(Reporting by Foo Yun Chee)